Contract research organizations (CRO) are playing a significant role in helping the biopharmaceutical industry reduce the risk and cost associated with clinical drug development. Traditionally, CROs were generally considered only for clinical trials and lab services. However, the CRO market has evolved today to cover data and analytics for drug trial insights and design, drug development planning, medical affairs, and regulatory consulting. The escalating demand for pharmacovigilance and safety, clinical trial feasibility, and protocol optimization have also been instrumental in the growth of the CRO industry.
Today, the industry is undergoing a significant transformation as the CROs increasingly recognize the benefits of e-clinical technologies that allow precise, faster, trackable, and more productive studies. The application of advanced technology and analytics is creating a new pool of opportunities for improving trial performance by bringing forth cutting-edge approaches for trial designs, site selections, and patient recruitments. For instance, big data and blockchain are enabling CROs to optimize data quality and adopt a unified approach for capturing and storing data. Besides, virtual clinical trials are enabling CROs to be more effective and patient-centric as it allows them to create a personalized approach that reduces the burden on patients. These radical advancements allow CROs to access new compounds and resources and bring profound changes in their existing nomenclature of clinical trials. CROs are implementing platforms that improve the performance of clinical trials, control and share data, track and report trial outcomes, and manage regulatory information while cutting the costs.
The continued expansion on the scope of offerings from CROs will appeal to companies that choose to outsource a significant portion of their research and development for improving operational efficiency and driving meaningful cost savings. At this juncture, there is a wide variety of CROs entering the industry with a set of advanced and integrated offerings. To help companies strengthen their healthcare capabilities and simultaneously enable growth in the industry, Pharma Tech Outlook has compiled a list of the top 10 CROs. The list comprises prominent organizations in the industry that solve healthcare challenges by implementing the current trends in the space. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.
We present to you Pharma Tech Outlook’s “Top 10 CROs – 2020.”
